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Bank Nifty Outlook- Harmonic, Historical & Impulsive 3rd Jan'24Disclaimer: Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence. WaveTalks - Market Whispers: Can You Hear Them? Pattern Insight: Bullish Bat Harmonic Pattern Measurements: - X at 47411 - A at recent highs of 48636 - B retraced 44.5% of XA leg (from 47411 to 48636) - C at 48450 Projected Zone for Point-D: Expected Range: 47550-47575 Key Reasons for the Outlook: 1. PRZ (Price Reversal Zone): The anticipated zone for Point-D of the Harmonic Pattern is between 47550 and 47575. 2.Historical Support-Resistance Play: The resistance level observed on 11th December 2023 could now serve as a support zone. 3. Market Dynamics Trivia: Hey folks, do you know what it's called when resistances transform into supports and vice versa? Question for the day, Traders! 4. Wave Analysis: The initial impulsive decline starting from the highs of 48636 could complete one of its wave degree in the 47550-47575 zone, marked in red as point-D. Conclusion: This analysis suggests a potential bullish reversal in the Bank Nifty Index around the 47550-47575 zone, based on : Bullish Bat Harmonic Pattern, Historical resistance zone which could act as support zone & Impulsive fall or drop from the highs of 48636, could complete one of its wave degree in that zone. Note - If 47550-47575 zone holds as support then a bounce may be expected upside to these levels next after opening fall tomorrow 3rd Jan 2024. 47875 / 47900 48100 Above 48100 - 48225 As always, remember that market conditions can change rapidly, and it's crucial to keep an eye on evolving patterns and indicators. Trade wisely and stay informed! From WaveTalks
NSE:BANKNIFTY
by WaveTalks
10
Castrol Ind Big Volume Blast since last 8 yearsCastrol Ind looks very attractive.. Fundamentals : Very Strong, Consistent growth on Sales, Profits and EPS. High Reserves vs very low debt. Only slight negative point is FIIs holding decreased in recent quarter still overall parameters are healthy Technicals : Very Bullish above 180 on weekly closing.. Harmonic pattern active + strong reversal indication with big volume spike after 7-8 years, 70 million vs Avg 13million weekly volume.. R 1: 180 R 2: 210 R 3: 240, Above that 270 + possible! S : 130
NSE:CASTROLINDLong
by GyanTrader_AKS
5
Harmonic Patterns on Aavas Financiers LtdIn this article, we will examine the current chart of Aavas Financiers Ltd. (NSE:AAVAS) and explore two prominent harmonic patterns: the Bat pattern on the weekly chart and the Black Swan pattern on the daily chart. Additionally, we will analyze the Relative Strength Index (RSI) on both timeframes to gain further insights into the potential market direction and strength. Weekly Chart - Bat Pattern: The weekly chart of Aavas Financiers exhibits a Bat pattern, a popular harmonic pattern used by traders to identify potential reversal zones. The Bat pattern consists of specific Fibonacci retracement and extension levels. Let's review the key aspects of this pattern: Entry: Traders looking to engage with the Bat pattern may consider entering at 1381. Targets: The first target level for this pattern is set at 1601, followed by a secondary target at 1820. These levels are derived from Fibonacci extension ratios and provide potential areas where price may reverse. Stop Loss: To manage risk effectively, it is recommended to set the stop-loss level at 1162. This level acts as a safeguard against adverse price movements. Daily Chart - Black Swan Pattern: On the daily chart, we observe the emergence of a Black Swan pattern, another significant harmonic pattern known for its predictive value. The Black Swan pattern provides potential reversal zones similar to other harmonic patterns. Let's explore the key levels for this pattern: Entry: Traders interested in the Black Swan pattern might consider entering at 1380. Targets: The first target level is identified at 1525, while the second target level is set at 1669. These targets, derived from Fibonacci extension ratios, represent potential areas where price may reverse or encounter resistance. Stop Loss: To manage risk associated with the Black Swan pattern, it is advisable to set the stop-loss level at 1235. Relative Strength Index (RSI) Analysis: The RSI is a widely-used oscillator that measures the strength and momentum of price movements. It oscillates between 0 and 100, with readings above 70 indicating overbought conditions and readings below 30 suggesting oversold conditions. Let's assess the RSI readings for Aavas Financiers: Weekly RSI: The RSI on the weekly chart currently stands at 33.8. This reading suggests a moderate bearish momentum and indicates the potential for further downside movement. Daily RSI: On the daily chart, the RSI is around 32, also indicating a bearish sentiment and potential weakness in the short term. Conclusion: The analysis of Aavas Financiers' chart based on harmonic patterns and RSI readings reveals interesting insights for traders and investors. The Bat pattern on the weekly chart and the Black Swan pattern on the daily chart present potential opportunities for traders to consider. However, it is important to remember that harmonic patterns are not foolproof and should be used in conjunction with other technical indicators and risk management strategies. Moreover, the RSI readings on both timeframes suggest a bearish sentiment, further supporting the potential for downside movement in the near term. Traders are advised to perform thorough research, assess market conditions, and seek professional guidance before making any investment decisions. Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Trading in the financial markets involves risks, and it is important to perform due diligence and consult with professionals before making any investment decisions.
NSE:AAVASLong
by yaashul
2
BLISSGVS's Chart: Bullish Breakout and Potential Bat HarmonicIn this analysis, we will conduct a detailed examination of BLISS GVS's weekly chart, highlighting the breakout of the falling trendline and the potential formation of a Bat Harmonic Pattern. We will assess the potential buying opportunity for BLISS GVS based on these technical signals. Let's proceed with the analysis. Chart Analysis: The TradingView chart for BLISS GVS reveals significant technical factors that may impact the stock's price action. Breakout of Falling Trendline: BLISS GVS's weekly chart shows a clear breakout of the falling trendline three weeks ago. The breakout signals a potential reversal in the stock's downtrend, indicating increased buying interest and potential upward momentum. Retest of Trendline: Following the breakout, last week, the stock's price retested the previously broken falling trendline. The successful retest confirms the significance of the breakout and further strengthens the newfound support-turned-resistance level. Potential Bat Harmonic Pattern: There is a possible Bat Harmonic Pattern forming on the weekly chart. If the pattern completes, it could signal a potential bullish trend continuation for the stock, with a possible target of 116. Trading Opportunity and Targets: Considering the bullish technical signals, a potential buying opportunity may be presented for BLISS GVS. Traders may consider initiating a long position at the current market price (CMP) of ₹91.55. However, it is essential to acknowledge that the suggested stop loss at ₹83 is intended to manage potential risks. For the targets, two potential levels are set: Target 1 at ₹109 and Target 2 at ₹116, representing potential upside targets based on the possible completion of the Bat Harmonic Pattern. Conclusion: The technical analysis of BLISS GVS's weekly chart suggests a potentially bullish outlook for the stock. The breakout of the falling trendline, combined with the successful retest and the potential Bat Harmonic Pattern, indicate potential upward momentum. Traders may consider entering a long position at the CMP of ₹91.55, with a stop loss set at ₹83 and targets at ₹109 and ₹116. As with any investment decision, caution should be exercised, and it is recommended to conduct thorough research and consult with a financial advisor before making any investment choices. Additionally, traders should closely monitor the stock's price action and consider implementing appropriate risk management strategies.
NSE:BLISSGVSLong
by yaashul
46,740 , an important level to watch for BankniftyA bat formation is in action, and 46,740 is the level where we can see a break, its also a trendline resistance. so 25th Sept is the day when we can see this levels coming.. The Bat formation is a five-point harmonic pattern that can be used to identify potential reversals in price. It was discovered by Scott Carney in 2001 and is based on the Fibonacci retracement levels. The Bat pattern consists of the following five points: X: The start of the pattern. A: A sharp price move in one direction. B: A retracement of the XA leg, typically between 38.2% and 50%. C: A further retracement of the AB leg, typically between 38.2% and 88.6%. D: A price move in the opposite direction of the XA leg, typically reaching the 88.6% retracement of XA. The Bat pattern can be either bullish or bearish, depending on the direction of the XA leg. A bullish Bat pattern is formed when the XA leg is a price rise and the D leg is a price decline. A bearish Bat pattern is formed when the XA leg is a price decline and the D leg is a price rise. To trade the Bat pattern, traders typically look for a breakout from the Potential Reversal Zone (PRZ), which is a zone between the 0.886 retracement of XA and the extended AB=CD pattern. The PRZ is typically the most likely area for a reversal to occur. It is important to note that the Bat pattern is not always successful, and traders should always use other technical indicators and risk management techniques to manage their trades. Here are some tips for trading the Bat pattern: Look for a clear breakout from the PRZ. Use other technical indicators to confirm the reversal. Set a stop loss below the PRZ. Use a trailing stop loss to lock in profits as the trade moves in your favor. The Bat pattern can be a powerful tool for identifying potential reversals in price, but it is important to use it in conjunction with other technical indicators and risk management techniques.
NSE:BANKNIFTY
by yogesharora2409
8